2 office related ( rent, courier,telephone,etc)
3 marketing related (meetings,gifts,,, etc)
My role is to prepare expenses formats, make payment to suppliers, control expenditures and prepare a lot of reports shows how much we spend and on which products are alike and prepare expense formats to be sent to HQ's as well.
I dont have a tool to manage all of these , so i use excel which in fact very poor tool to manages all of these tasks. Can Quickbooks help me to prepare monthly statements per account to be sent to HQ's and also help me to prepare internal reports that can help the team to wisly spend on marketing actvites and give me control over spendings against budgets?
A) Even though you don't generate any financial statements you can use Quickbooks to create a budget for your spending, track how your spending compares with your budget, create spending reports by sales rep, location, etc.
Since you are paying vendors you can use Quickbooks to track what you expense and owe. In addition, it sounds like you have a checking account that Quickbooks can assist you in balancing.
I agree, Excel is probably a very time consuming way to track all of this. Even so, Quickbooks allows you to export just about every transaction and report into Excel so you can easily manipulate it, while having accurate numbers. Most of the reports can be modified extensively and run in many different ways to include a lot of different information.
I think with some time, and experimentation you would find it very useful.
Q) Can I set up cost centers , like for Every Product a seprate cost center where i can charge them for any marketing actvities and generate the reports to show how much each product (cost center) is spending against budgets for its own?
In case this is possible, which edition of QB's i should use, Non profit ,pro?
A) Use the "Class" feature in Quickbooks to create your Cost Centers. Quickbooks Pro should work for you. I don't think the non-profit edition applies but you can use it and make changes to suit your reporting needs.
With the class feature you can create a separate budget and track all of your expenses. Each transaction you enter will give you a "class" column. Remember this one important thing...you have to enter the information correctly to get it reported back to your correctly. You can turn on a "reminder" in Quickbooks that will let you know if you forgot to enter the Class(Cost Center) in a transaction.
Response) Thank you So Much You were Very hepful. I really appreciate it.
This material is for informational purposes only and not intended and financial, legal or tax advice. Please consult your finance, legal or tax professional to confirm the accuracy of all information. Quickbooks is a registered product of Intuit.
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